According to the research report “Algae Products Market by Type (Lipids, Carrageenan, Carotenoids, Alginate, and Algal Protein), Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Personal Care, Feed, and Pharmaceuticals), Source, Form, and Region – Global Forecast to 2023″, published by MarketsandMarkets™, The market for algae products is estimated to be USD 3.98 Billion in 2018 and is projected to reach a value of USD 5.17 Billion by 2023, at a CAGR of 5.4%.
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The market is driven by factors such as rising health concerns (which include obesity and diabetes) due to consumption of high-calorie products. Also, the health benefits provided by algae products include anti-aging effects, supporting digestive systems, and providing gamma-linoleic acid. It also contains nutrients such as beta-carotene, iron, manganese, zinc, copper, selenium, and chromium and acts as a food supplement. Furthermore, as the adoption level of algae products by consumers is increasing, it helps companies innovate and develop product lines for algae products, which has further contributed to the growth of the Algae Products Market.
The Algae Products Market is driven by factors such as the increased preference for algae-based products, owing to the increased demand for natural antioxidants, anti-inflammatory agents, plant proteins, and other secondary metabolites. Also, algae products are preferred in most human applications such as food, supplements, and cosmetics, as they do not have any negative effects.
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On the basis of application, the nutraceuticals & dietary supplements segment of algae products is projected to grow at the highest CAGR from 2018 to 2023. With increasing awareness among consumers, the market for dietary supplements is growing, with consumers preferring balanced diets and food that also provide health benefits. Therefore, the growing market for nutraceuticals & dietary supplements is opening up opportunities for new applications in the algae-based products market.
Based on source, the market for blue-green algae products is projected to grow at the highest CAGR during the forecast period. Spirulina and Chlorella are the two most widely used blue-green algae. Companies such as Corbion offer microalgae products such as AlgaVia, which is a protein- and lipid-rich algal flour from Chlorella protothecoides.
The Asia Pacific region is projected to be the fastest-growing market for algae products from 2018 to 2023. Key markets in the Asia Pacific region include China, India, Japan, and Australia. The major driving factors for the Algae Products Market in this region are the vast areas of coastal lines and the growing population; the growth in population is expected to increase the demand for food & beverage products, pharmaceutical products, and personal care products, among others, which is expected to contribute to the growth of the Algae Products Market in Asia Pacific.
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